Sydney Mutual Bank personal loans

Sydney Mutual Bank
Sydney Mutual Bank's overall rating for personal loans

(as rated by the Mozo community)

7.5 / 10

based on 15 reviews

Sydney Mutual Bank is a credit union where profits are used to benefit members rather than shareholders in the form of low rates, minimum fees and competitive products. With no less than four personal loans available for financing new cars to other dreams, read on and discover what this mutual lender could do for you...

Sydney Mutual Bank offers the following personal loans

Rates and fees verified as correct at 13 July, 2020. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee

11.99% p.a.

12.21% p.a.based on $30,000
over 5 years


6.10% p.a.

6.10% p.a.based on $30,000
over 5 years


6.45% p.a.

6.66% p.a.based on $30,000
over 5 years


7.99% p.a.

8.20% p.a.based on $30,000
over 5 years


*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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What personal loans does Sydney Mutual Bank offer?

New car loans

Sydney Mutual Bank’s new car loan is suitable for vehicles up to three years old with a price tag from $10,000 to $50,000. This loan is secured, meaning you tie your car to the loan as collateral in return for a competitive rate. If you want a consistent rate through the loan term, go for the fixed rate version. Choosing the variable rate instead could spell an interest rate change to work in or against your favour during the loan term. Whichever one you decide on, Sydney Mutual Bank will still give you the flexibility to clear that debt before the final loan repayment is due fee-free. Loan terms range from one to seven years and you can access extra repayments through a redraw facility. Apart from being charged a signup cost, you won’t need to consider paying monthly fees with an Sydney Mutual Bank new car loan.

Secured personal loan

If you have an asset to offer up in return for a slightly lower interest rate, consider the Sydney Mutual Bank secured personal loan suitable for loan amounts from $10,000. This pick has a variable interest rate, meaning Sydney Mutual Bank could change it at any point along the loan term. While the loan term can range from one to seven years, you do have the option to make extra repayments and be debt free sooner without financial penalty. You can also access any extra repayments you’ve made via Sydney Mutual Bank’s redraw facility. Just like the Sydney Mutual Bank new car loan mentioned earlier, the secured personal loan has zero monthly fees. All you need to consider is the relatively low signup cost when you first take out the loan.

Unsecured personal loan

Don’t have an asset like a car or piece of real estate to tie against a personal loan as collateral? Not to worry, Sydney Mutual Bank’s unsecured version doesn’t require one. Instead, you’re given a slightly higher interest rate than if you secured it. All the same personal loan features as the secured type mentioned above apply such as a redraw facility to dip into extra repayments, no break fees or monthly fees (except for one when you first take out the loan).

Sydney Mutual Bank personal loan features at a glance

Repayment flexibility: 

It’s easy to set up repayments to suit your pay pay day because you can choose between weekly, fortnightly or monthly due dates.

Extra repayments: 

Sydney Mutual Bank allow you to make additional repayments at no extra cost, which is encouraging if you’re on a mission to repay that loan sooner rather than later!

Redraw facility: 

You can draw on any extra loan repayments you’ve made via Sydney Mutual Bank’s redraw facility at a small cost per transaction.

No monthly fees: 

That’s right, there are zero monthly fees to consider with Sydney Mutual Bank’s personal and car loans.

Optional loan insurance: 

If you’re looking for reassurance that if for some unforeseen circumstance you can’t meet your loan repayment obligations (such as due to illness that puts you out of work), you can opt in to loan insurance.

Sydney Mutual Bank customer reviews:

Head to this reviews section if you want to find out what Sydney Mutual Bank personal loan customers have been saying about their experiences with the credit union.

How do you apply for a Sydney Mutual Bank personal loan?

To apply for an Sydney Mutual Bank personal loan, complete the online form on its site, call the hotline or do it the old fashioned way by printing and filling out a hard copy (if you live near a local branch). Doing it online can take fewer than 15 minutes and you’ll hear back from Sydney Mutual Bank on the outcome soon after.

To apply for a personal loan with Sydney Mutual Bank you will need:

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